First 'proptech' company Estater launches in Bahrain
India's Estater app picks Bahrain as base to launch regional operations
Bahrain has marked a new milestone in its bid to become a major technology hub with the entry of its first property technology (proptech) company, Estater.
The Estater app offers a platform for listing, sharing, finding or managing a property and operates as an extension to Estater's real estate advisory offering, using GIS mapping to provide market intelligence for developers, investors and financiers.
The company said it boasts a 20% market share in Kuwait and Bahrain, in addition to its flagship operations in India.
Estater's launch in Bahrain demonstrates the growing opportunity for real estate investment in the country, it said in a statement.
The Gulf kingdom offers 100% ownership in real estate for GCC nationals and a large number of mixed-use free-hold developments offering opportunities to foreign investors.
The launch of Bahrain's Real Estate Regulatory Authority (RERA) in 2018 has also brought greater transparency and stability to the sector, Estater added.
Sanjay Goyal, managing director of Estater, said: "Estater is delighted to select Bahrain as a hub for its regional operations. A favourable business environment for international investors coupled with good regional connectivity makes Bahrain an ideal choice for us. Real estate value chain in the region is up for several exciting changes and we promise Estater will be one of the change agent."
The launch comes as the global proptech industry is witnessing rapid expansion. Funding into the sector grew by an annual rate of 63% from 2012 to 2017, according to Venture Scanner.